Credit Suisse cuts management level

Credit Suisse is expected to do away with a layer of management as part of its staff reduction in order to cut costs. The bank is said to have cut the number of supervisors for every rank-and-file employee and aims for a ratio of one executive for every seven employees. Previously the bank had employed an executive for every 4.2 employees. Meanwhile, it has already eliminated one level of management – market segment. This leaves the wealth management arm with one layer of regions and a team-based one. The aim, according to experts is to simplify its business.